The State Bank of Pakistan has released payment of a rice exporter worth Rs 200 million, which was held up for the last six months. Chairman Rice Exporters Association of Pakistan (REAP) Jaweed Ali Ghori said that after completing all legal requirements, a Pakistani exporter, namely Amir Rice Traders had exported rice to Iran.
“Payment of the initial two consignments was released by the SBP without any objection, however, the third payment worth some 166,000 Euro was held up by the regulators due to unknown reasons”, he added. The payment was pending for the last six months and despite several reminders the bank was not releasing the export proceeds. However, the side amount had now been released by the SBP yesterday, he informed.
He showed gratitude to the governor State Bank Yaseen Anwar for the release of the exporter’s payment. Meanwhile, Jaweed Ali Ghori also congratulated Shahzad Ali Malik former chairman REAP for receiving the Sitara-e-Imtiaz. He appreciated the efforts of Shahzad Ali for the introduction of Basmati Rice in the world market with the Pakistani Brand.